Investment Rating - The investment rating for the company is "Buy" (maintained) [1] Core Views - The company faced pressure in Q1 2024, with a focus on four major business growth strategies: consulting and digital technology services, computing products and digital infrastructure, digital energy and intelligent computing services, and internationalization [1][4] - The company reported a revenue of 175.81 billion yuan in 2023, a year-on-year decrease of 7.97%, and a net profit attributable to shareholders of 5.34 billion yuan, down 45.15% year-on-year [4][5] - In Q1 2024, the company achieved a revenue of 54.49 billion yuan, a year-on-year increase of 29.65%, but reported a net loss of 277 million yuan, a significant decline of 557.51% year-on-year [4][5] Summary by Sections Financial Performance - The company’s gross profit margin for 2023 was 19.26%, a decrease of 2 percentage points year-on-year [5] - The sales, management, and R&D expense ratios were 3.29%, 7.82%, and 5.44%, respectively, with slight increases in sales and management expenses due to marketing capability expansion in over 40 key cities [5] - The company completed the consolidation of Tongfang Computer and Tongfang International in Q1 2024, driving high revenue growth, although hardware business impacted overall gross margin, which was 10.7% in Q1 2024, down 7.56 percentage points year-on-year [5] Business Strategy - The company has established a robust digital innovation business, with 2023 revenue of 83.48 billion yuan, including consulting and solution services revenue of 13.19 billion yuan, up 24.08% year-on-year [4][5] - In the strategic emerging industry sector, the company generated 64.11 billion yuan in revenue in 2023, with financial technology business revenue of 40.42 billion yuan, an increase of 6.31% year-on-year [4][5] Future Outlook - The company is expected to achieve revenues of 300.78 billion yuan, 339.30 billion yuan, and 381.91 billion yuan for 2024, 2025, and 2026, respectively, with net profits of 6.51 billion yuan, 9.99 billion yuan, and 13.06 billion yuan [7][9] - The projected EPS for 2024, 2025, and 2026 is 0.68 yuan, 1.05 yuan, and 1.37 yuan per share, respectively, with corresponding P/E ratios of 62, 40, and 31 times [7][9]
2023年年报&2024一季报点评：2024Q1业绩承压，布局四大业务增长战略